Gold prices remain up on sustained jewellers’ buying

New Delhi: Gold maintained its upward trend for the second day today, gaining another Rs30 at Rs31,200 per 10 grams at the bullion market on Saturday on sustained buying by local jewelers even as the metal weakened overseas.

Silver, however, fell by Rs180 to Rs39,050 per kg due to reduced offtake by industrial units and coin makers. Traders said increased buying by local jewelers to meet the wedding season demand at domestic spot market mainly kept gold prices higher but a weak trend overseas capped the gain.

Globally, gold fell 0.20% to $1,315.70 an ounce and silver by 0.37% to $16.43 an ounce in New York in Friday’s trade. In the national capital, gold of 99.9% and 99.5% purity inched up further by Rs30 each to Rs31,200 and Rs31,050 per 10 grams, respectively.

It had gained Rs220 on Friday. Sovereign, however, remained unaltered at Rs24,800 per piece of eight grams in limited deals. Silver ready also declined by Rs180 to Rs39,050 per kg, while weekly-based delivery edged up by Rs45 to Rs37,950 per kg. Silver coins, however, continued to trade at last level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.